HTC is bleeding cash reserves, its stock continues to fall, and its market share has dwindled at a troubling rate. No wonder it took two years for the company to find a new CFO.
The Taiwanese mobile firm started looking for a new CFO in May 2014 and more than two years later, Peter Shen, formerly of Taiwan-based Inotera Memories and HP, has taken the job.
Shen is assuming the dual roles of Chief Financial Officer and Company Spokesperson. He replaces incumbent Chialin Chang, a regular voice on HTC investor calls. Chang will return to running the company’s sales side.
The company reported its fourth straight quarter in the red during its Q1 2016 financial call. HTC reported a $148 million loss for the period as quarterly revenue fell by 64% year-on-year.
Under Change’s tenure things got so bad that the company stopped providing financial guidance to investors and the public.
Despite poor sales figures, HTC phones have been well-received by the media and loyal customers.
The company’s Vive VR headset, which began shipping at a faster two to three business day rate this week, is perhaps the most obviously new focus.
The company has also partnered with Under Armor to develop a fitness tracker that may help HTC better monetize the wearables market.